A Company Uses Perpetual Inventory in Connection with the Specific-Identification $$\begin{array} { | l | r | r | } \hline \text { Inventory } & 14,400 & \\\hline \text { Cost of goods sold } & & 14,400 \\\hline\end{array}$$

question 121

Multiple Choice

A company uses perpetual inventory in connection with the specific-identification method.The company purchased 30 industrial diamonds for $500 per unit.Later in the month,they purchased another 20 diamonds from another supplier for $480 per unit.On the last day of the month,they sold 18 diamonds to a customer at a price of $800 per unit.Of the 18 diamonds,3 came from the first batch and the remainder came from the second batch.
-Which of the following journal entries correctly records the Cost of goods sold?

• A) \[\begin{array} { | l | r | r | }
• \hline \text { Inventory } & 14,400 & \\
• \hline \text { Cost of goods sold } & & 14,400 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | r | r | }
• \hline \text { Sales revenue } & 14,400 & \\
• \hline \text { Inventory } & & 14,400 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | r | r | }
• \hline \text { Cost of goods sold } & 8,700 & \\
• \hline \text { Sales revenue } & & 8,700 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Cost of goods sold } & 8,700 & \\
• \hline \text { Inventory } & & 8,700 \\
• \hline
• \end{array}\]

Grasp the principles of commerce regulation and the impact of interstate commerce on legislation.

Explain the process and significance of amending the Constitution.

Recognize the specific powers granted to Congress and their limitations.

Interpret the significance of Supreme Court decisions in evolving constitutional law.

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